Already we've seen that Hougang Capeview is priced slightly cheaper than the other premium BTO in Punggol - Waterway Ridges. What else is in store for residents here? Much more in fact! Come in and see.

Site LayoutThis premium BTO is built on a lung-shaped strip of land right on the western banks of Serangoon Reservoir. It's quite a large plot of land with plenty of open spaces. The good news is that 90% of the units here have excellent unblocked views of around 80m to 100m and more.

That's because the blocks are not tightly packed in but spread out in a zig-zag fashion along the reservoir, ensuring that those facing the water will have as unblocked a view as possible. The only bad thing is the noon sun which will be a problem for those facing north- or south-west.

To the north is where Sungei Pinang (which is a giant canal/longkang) meets Serangoon Reservoir, beyond that is a bridge which connects Buangkok Drive with Buangkok East Drive. To the west is Upper Serangoon Road and across that is land just bought by Allgreen Properties (a condo developer).

Across the reservoir on the eastern banks lie undeveloped land. According to the URA Masterplan 2008, that land is "subject to detailed planning" and is shaded purple - which means for business use. At any rate, chances are it won't be built up very high due to the proximity of Paya Lebar Airbase.

Directly south is a plot still unsold by the Govt, but likely to be condo or HDB. Beyond that is Boathouse Residences where buyers just forked out around $900,000 to live next Serangoon Reservoir. By comparison, the most expensive 5-room flat in Hougang Capeview costs just $444,000. Half price! What a deal!

Yes you might say we're comparing apples and oranges, but we say a home is a home. This BTO even comes with a balcony! Which begs the question - what are condo buyers paying an extra $450,000 for? Status? Nicer decor? Swimming pool? Capital appreciation? Bigger balconies?

Wait, it gets even better. There's actually a DBSS called Parkland Residences (to the south-west of this BTO) that held off its November launch. Why? We suspect that it's due to Hougang Capeview. Really who wants to pay a premium for a DBSS when one can try their luck with this Hougang BTO? We think the developers must be fuming! Such bad timing HDB!

Restaurants in a BTO?Hougang Capeview is, according to our colleague, in an 'untested' part of Hougang. Which is why there are so many awesome sweeteners in this BTO. For one, there will be two restaurants (YES! Restaurants!), many shops, an eating house and a supermarket in this project. For another there is a large square in the centre of Hougang Capeview with a special viewing deck built on the 4th or 5th floor that looks out north-east towards the reservoir (see artists impression above). How neat is that!

Some units here come with balconies. Mostly those that face the reservoir. Look carefully at the units on the map, those with balconies have a tiny rectangle sticking out from their front windows.

Best 5-room units (in blue)Clearly your top choices should be those facing the water. With the exception of 562, all the 5-rooms here get a water view so they are pretty good. We prefer north-south facing so 588 will be our top choice - the number is auspicious too. High floor units there should overlook the bridge up north and are likely to have kilometres of unobstructed views. The bad? Its far from the shops and the MSCP.

If you don't mind the direct morning sun, then go for units 522 and 524 - they are close to everything - shops, restaurants, MSCP, bus stop and supermarket.

Best 4-room units (in yellow)A lot of good choices here too. We suggest units 552 and 546 above the viewing deck. They have an excellent view of the park below as well as an unblocked north-east view of the reservoir snaking its way up north. The views on the high floors here must be great! What's more - it's close to all the amenities and the MSCP.

If those facing the reservoir are taken, don't worry, there are plenty of 4-room units here with good unblocked views. For example units 544 and 554 facing the plaza and the MSCP. Get as high floor units as possible. Do note - no balconies for these two.

If you want to avoid the west sun and get good unblocked views, then unit 556 is a great choice. Again get as high floor as possible to stay clear of the MSCP and the noise generated from the shops and restaurants. No balconies on this one too.

Best 3-room units (in pink)HDB is nice here. Usually they leave the worst views for the 3-roomers. But over here units 502 and 504 get an excellent view of the reservoir. So do units 510 and 512.

Should I go for this?YES! Yes! yes! This is one of the best designed BTOs we've seen. Though some might consider the location a bit ulu, Hougang and all its amenities are a short bus-ride away. It's also closer to town than Punggol. What's more, it's actually one of the cheapest Premium BTOs around.

Tell me which BTO (or even a condo) offers you waterfront living, three different places to eat, a supermarket and shops and a specially made viewing deck all for under $500k?

We think this is a really good deal. Don't wait any more! Mai too liao!